Asian Stock Market: Tracks Wall Street’s gains despite sluggish S&P500 Futures amid US debt limit optimism

Australia’s headline Employment Change marked a surprise figure of -4.3K in April versus 25K expected and 53K prior whereas the Unemployment Rate jumps to 3.7% from 3.5% prior. With this, the hawkish bias surrounding the Reserve Bank of Australia fades and allows the Aussie shares to remain firmer. On the same line, New Zealand reports a no-frills budget and propels the NZX50 by nearly 1.20% on a day at the latest.

Furthermore, China China’s ambassador to Australia, Xiao Qian, recently hints at resuming imports of Australian timber as talks are underway about a visit by Australian Prime Minister Anthony Albanese to Beijing, per the South China Morning Post . With this, stocks in China, Hong Kong and Taiwan are all firmer.

It’s worth noting, however, that Indonesia’s IDX Composite bucks the bullish trend in the Asia-Pacific markets while Indian equities remain mildly bid by the press time. On a broader front, comments from US President Joe Biden and House Speaker Kevin McCarthy managed to convince the markets that they can unite to avoid the ‘catastrophic’ default, which in turn underpinned the market’s risk-on mood. Even so, doubts about US President Joe Biden’s assurance to have a budget solution by Sunday’s end seem to prod the upbeat sentiment.

Against this backdrop, S&P500 Futures print mild losses despite the upbeat Wall Street close whereas the US Treasury bond yields remain sidelined at the multi-day top. That said, the US 10-year and two-year Treasury bond yields rose to the highest levels since May 01 and April 24 while portraying a four-day uptrend near 3.57% and 4.16% respectively, easing to 3.56% and 4.14% by the press time.

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